☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 3
posted Feb 10, 2021 12:29:37 PM

Can 1099-MISC and NEC be interchangeable?

I normally would get 1099-MISC for my self employment income. I know this year the IRS switched to the NEC form and most of my clients have provided the correct one. However, one supplied a MISC. Is it still ok to use it anyway as long as the income amount is correct, or do I need to have them zero-out the MISC and send an NEC?

0 1 119
1 Replies
Expert Alumni
Feb 10, 2021 12:48:24 PM

No, for 2020 tax year, with the creation of the new Form 1099-NEC, then the "nonemployee compensation" box has been removed from the 1099-MISC and placed on the 1099-NEC.  

 

If the issuers of the form use the wrong one, you can ask them to correct it and void the wrong one and create the correct one.

 

The problem is that if they issue the wrong one, then it could categorize the income incorrectly for your return.